Petroleum Africa
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Monday, March 2, 2020
Angolan state oil company Sonangol will begin to sell its stakes in several private firms in April, according to Chairman Sebastiao Gaspar Martins. The sell-off is part of the government’s strategy to privatize key state assets while it deals with declining oil production and have Sonangol focus on its core activity. The sale will also include divisions of Sonangol itself by 2022.
The 11 companies in the sell-off include local bank Banco BAI, Sonamet, Sonatip and Sonadit.
Minister of Mineral Resources and Petroleum, Diamantino Azevedo, described Sonangol as an “octopus”, and said it would need to part with stakes in its vast holdings including interests in everything from hotels to aviation around the world before a 30% share sale in 2022.
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